Buying a Duplex with a Business Partner

[Alex Jurgens]

Hey Y'all,

I'm purchasing a duplex with a business partner. The Loan Officer said it would be easier/better if I was the only one on the loan, since my partner was getting his portion of money through a cash out refi and that closing date would be pretty close to our duplex's closing date.  Since we are using a conventional mortgage he won't be able to transfer his portion to me until after we close.  My concern is since his % of funds is more than 14K it wouldn't be considered a gift and would be taxable. I'm wondering what the best solutions to avoid this gift tax or a way to have him pay his portion at closing.

Thanks,

Alex